Seattle, WA -- (SBWIRE) -- 09/18/2019 -- Plant extracts contain therapeutic agents, which are widely used in the pharmaceutical segment across the globe. Increasing costs of conventional allopathic medicines and associated side effects such as nausea, vomiting, and diarrhea due to pain killers are driving growth of the market for herbal medicines. Moreover, rising adoption of preventative medicines and increasing awareness towards health benefits associated with herbal medicines are fueling growth of the market. For instance, turmeric extracts are used in the treatment of Alzheimer's disease, which was patented by Arjuna Natural Extracts Ltd., in 2014. According to the World Health Organization, the demand for herbal medicines from plant extracts is expected to reach US$ 5 trillion by 2050.
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Major Players in Global Plant Extracts Market:
Some of the key players operating in the global plant extracts market are Indena S.p.A., Naturex Inc., V. Mane Fils SA, Kalsec, Inc., and Döhler GmbH.
Market Dynamics
Europe is projected to hold a dominant position in the global plant extracts market, followed by Asia Pacific and North America over the forecast period. The growth of the market in Europe is driven by the increasing demand for plant-based ingredients in cosmetics coupled with the rising trend of natural cosmetics. According to Cosmetic Europe, cosmetics and personal care industry in Europe was valued at US$ 94.13 billion in 2015 with Germany (US$ 15.89 billion) positioned as the largest market, followed by the U.K. (US$ 14.06 billion), France (US$ 13.94 billion), and Italy (US$ 12.10 billion), respectively.
Market Outlook
Europe holds the dominant market for in the global plant extracts market, followed by Asia Pacific. The market in Europe was valued at US$ 11,549.5 Mn in 2016, which is projected to increase to US$ 19,380.2 Mn by 2025, witnessing a CAGR of 6.19% during the forecast period. Increasing inclination of customers towards consumption of herbal medicines in Europe is driving growth of the plant extracts market in the region. According to the Centre for the Promotion of Imports, around 700 plant-based medicines are available in Germany, which are manufactured by companies such as Heinrich Klenk and Schaper & Brümmer among others and are prescribed by 70% of the physicians in the country. Other factors that are expected to drive growth of the market include the growing cosmetics and personal care industry. Demand for plant-based ingredients in the cosmetics and growing adoption of natural cosmetics is fuelling the growth of plant extracts market. According to Cosmetic Europe, cosmetics and personal care industry in Europe was valued at US$ 94.13 billion in 2015, with Germany (US$ 15.89 billion) positioned as the largest region in the market, followed by the U.K. (US$ 14.06 billion), France (US$ 13.94 billion), and Italy (US$ 12.10 billion), respectively.
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The global plant extracts market was valued at US$ 37,771.8 Mn in 2016 and is expected to register a CAGR of 6.15% over the forecast period. The global plant extracts market is projected to reach to US$ 63,304.8 Mn by 2025.
Asia Pacific is projected to be the second-largest market in the global plant extracts market throughout the forecast period. This is attributed to increasing demand for natural ingredients in the cosmetics, pharmaceutical, and food & beverages industries. According to Indian Brand Equity Foundation (IBEF), pharmaceutical industry is the third-largest industry in India in terms of volume and accounted for 20% of the global pharmaceutical industry in 2017. The pharmaceutical sector is expected to increase to US$ 55 billion by 2020. Also, increasing government involvement in various initiatives to promote pharmaceutical sector in India. For instance, the Department of Biotechnology received US$ 333.3 million in the Union Budget 2017-2018, to implement the department's national biotech strategy.
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